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德国:条例规定是否将会限制股权众筹

德国众筹市场试行条例遭到该领域一位领衔参与者的猛烈抨击。 德国众筹平台Companisto认为,德国政府对于投资散户的保护法律可能会对德国众筹业造成严重伤害。德国股权众筹空间可能比你所想的要更加多样化。四大运营商—SeedMatch,Companisto,Bergfurst和Innovestment—无疑是试行条例所格外关注的对象。Companisto正在准备一份对试行条例详尽的分类与评估,并即将与德国众筹网络(GCN)进行合作。 Companisto提供了一份对于现状的深入解释: “初步调查显示,条例草案在很大程度上威胁了众投在德国的继续存在。法案的规定是为了处罚价值亿万欧元的金融产品,并因此引发官僚主义程序和昂贵的程序和进程,而这些恰恰要被应用于众投模块。” “众投应该算是一项朝阳产业,目前已为100多个创新公司投资进3000万欧元,因此应该得到一些豁免型政策保护。比如,Prokon投资了14亿欧元,虽然所有在德国众投的执行总额只占了Prokon投资额的2%。” “通过独立个人的联合首创,众投活动顺利展开,而且德国以及国际政策也随之建立起来;为了实现这样一个目标,特别是从一个政治视角来说,是一次幸运的机缘。但是现在德国众投产业将很有可能受到政治干涉。德国目前在全球众投竞争中的市场主导地位恐怕很快就要坐不住了。” 德国的股权众筹空间是否确实在领导世界尚待讨论。德国平台占有3000多万欧元,但是英国股权众筹同行们早已跨越了近5000万英镑的关口。然而,3000万欧元已经是一个很不错的数字了,限制这样一个前途无量的市场简直就是犯罪。比如,仅Companisto就为创业提供了超过900万欧元的资金。 “需要阐明的是,众投产业保证了绝对的透明,保护消费者利益,以及德国众筹网络采取高效可行的支持措施。这是维护众投产业的最佳方式,因为只有在群众投资者被告知风险的情况下,众投才能有长远的发展。因此,德国众筹网络平台是与众投投资者合作设计的,行业标准是为了保证高质量和标准资讯。” 那么Companisto所反对的是法案中的那些细则呢? (1) 通过签署投资信息单据进行媒体告知 (2) 相比其他欧洲国家较低的投资上限 (3) 单边行为所造成竞争中的不利条件,与欧盟委员会建议背道而驰 规定通常和剧痛一起出现。在FCA最初透露规定要禁止投散户将超过10%的可投资资产投资股权众筹时,许多英国平台曾经组织抗议。然而,当时一度声名狼藉的条例现在在英国却是司空见惯,作为明确高风险,也可能是高回报的明智举措。为了学习到更多德国法案,AltFi将会继续发掘。 目前,Companisto正在呼吁民众干涉: “民众的反馈能对立法过程产生重大影响,这些法律不可能在没有经过民众投资人质疑的情况下创建。”

The proposed regulation of the German crowdfunding market has received a bashing from one of the sector’s leading participants.

The German equity crowdfunding platform Companisto has stated that the German government's draft for retail investor protection laws could be highly damaging for crowdfunding in Germany.

The German equity crowdfunding space is more diverse than you might think. There are four major operators – SeedMatch, Companisto, Bergfurst and Innovestment – each of which will be doubtless be concerned by the proposed regulations. Companisto is in the process of preparing – in cooperation with the German Crowdfunding Network (GCN) – a detailed breakdown and assessment of the proposed laws.

Companisto offered an in-depth explanation of the situation:

“After initial inspection, it is clear that the draft law significantly threatens the continued existence of crowdinvesting in Germany. The provisions of the bill are designed to penalize hundreds of millions of euros of financial products and accordingly initiate bureaucratic and costly procedures and processes. These bureaucratic procedures and processes will now be applied to the Crowd Investing sector.”

“The young crowdinvesting industry, which has invested more than 30 million euros in more than 100 young innovative companies should be regulated with a few exceptions, such as the 1.4 billion euro investment by Prokon, although the total volume of all executed in Germany Crowdinvesting accounts for only 2% of the investment volume of Prokon.”

“Through a joint initiative of independent individuals, a crowdinvesting movement was successfully begun and German and international policies developed; to achieve such a goal, especially from a political perspective, is a stroke of luck. But now, the German crowdinvesting industry is liable to be affected by political intervention. Germany’s current market-leading position in the global crowdinvesting competition would be lost in no time.”

Whether or not Germany’s equity crowdfunding space is indeed leading the world is up for debate. German platforms have accounted for upwards of €30 million – but the UK equity crowdfunders have raised nearly £50 million between them. Still, the €30 million is a significant figure and it would be a crime to see so promising a market squashed. Companisto alone has provided over €9m for startup businesses.

“It should be clarified that the crowdinvesting industry vouched for absolute transparency, the interests of consumer protection and German crowdfunding networkeffective and feasible support measures. This is in the best interest of the crowdinvesting industry, because only when the crowdinvestors are informed about the risks, can crowdinvesting be long term. Therefore, German Crowdfunding Network platforms have been designed in collaboration with Crowd Investing investors’ industry standards in a code of conduct to ensure high quality and standards information.”

So what are the specifics of the proposed laws to which Companisto objects?

(1) A media break by signing an investment information sheet

(2) A low investment ceiling compared to other European countries

(3) A competitive disadvantage by unilateral action contrary to the recommendation of the EU Commission

Regulation usually arrives hand in hand with significant growing pains. A number of UK platforms were up-in-arms when the FCA first revealed its rule banning retail investors from investing over 10% of their investible assets into equity crowdfunding. But that once-infamous rule is now generally seen in the UK as a sensible step forward for a clearly high-risk, but potentially high-reward sector. AltFi will continue to dig in order to learn more about the proposed laws in the German space.

For now though, Companisto is calling on the Crowd to intervene:

“Feedback from the crowd could have a significant influence on the legislative process, these laws were created without crowd investors being questioned.”


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